Akamai

We trim our target price to $103 from $132, on a P/E of 16x our NTM EPS view of $6.42, above its three-year historical average on rising momentum in its Security and Compute businesses. We cut our 2024 EPS view to $6.38 from $6.76 and drop our 2025 EPS forecast to $6.96 from $7.49. AKAM posted Q1 revenue of $987M, missing consensus by $2.18M, and non-GAAP EPS of $1.64 beat by $0.03. Security revenue accelerated 21% Y/Y (vs. 6.4% in Q1 2023), while Compute revenue increased 25% Y/Y. Compute registered strong momentum from rapid growth in customer count and uptake of new cloud computing solutions, up more than 4x on a year-over-year basis. Security saw continued strength with Zero Trust, its Guardicore segmentation solution, and Akamai API security. However, Content delivery was weaker than expected from slower traffic growth and cost optimization efforts with a large social media customer. We […]

AKAMAI REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS PR Newswire CAMBRIDGE, Mass., May 9, 2024 First quarter revenue of $987 million, up 8% year-over-year and when adjusted for foreign exchange* Security and compute revenue represented 64% of total revenue in the first quarter and combined grew 22% year-over-year and when adjusted for foreign exchange* GAAP net income per diluted share of $1.11, up 79% year-over-year and up 81% when adjusted for foreign exchange*, and non-GAAP net income per diluted share* of $1.64, up 17% year-over-year and up 18% when adjusted for foreign exchange* Board of directors authorizes a new, three-year, $2.0 billion share repurchase program CAMBRIDGE, Mass., May 9, 2024 /PRNewswire/ — Akamai Technologies, Inc. (NASDAQ: AKAM), the cloud company that powers and protects life online, today reported financial results for the first quarter ended March 31, 2024. “We are pleased with our continuing execution on our long-term strategy to drive

Akamai Techs (NASDAQ:AKAM) reported quarterly earnings of $1.64 per share which beat the analyst consensus estimate of $1.61 by 1.86 percent. The company reported quarterly sales of $987.000 million which missed the analyst consensus estimate of $989.261 million by 0.23 percent. This is a 7.79 percent increase over sales of $915.698 million the same period last year.

The following is a summary of the Akamai Technologies, Inc. (AKAM) Q1 2024 Earnings Call Transcript: Financial Performance: Akamai Technologies reported Q1 revenue of $987 million, up 8% year-over-year both as reported and in constant currency. Non-GAAP operating margin was 30%, with non-GAAP earnings per share at $1.64, up 17% year-over-year, and 18% in constant currency. Revenue from security and cloud computing, representing about two-thirds of total Q1 revenue, grew 22% over Q1 of 2023. The company’s Content Delivery Network (CDN) saw an 11% decline in revenue year-over-year. Akamai expects compute revenue growth of about 21% to 23% in fiscal year 2024. Projections for full year capital expenditure (CapEx) sit at around 16% of total revenue. Business Progress: The company progressed in its Security and Compute portfolios, with security revenue growing by 21% year-over-year in Q1, driven by demand for Akamai’s Guardicore Segmentation Solution. Akamai announced the upcoming acquisition of